Learn how Nigerian newcomers can qualify for a mortgage in Toronto and Vancouver even with no Canadian credit history. Explore first-time home buyer programs for newcomers in Canada, lender requirements, down payment rules, and immigrant mortgage advice for 2025.

Mortgage for New Immigrants in Toronto/Vancouver

🇨🇦 Introduction: New Country, New Home — but a Tough Housing Market

Toronto and Vancouver are two of the most expensive real estate markets in North America. For Nigerian newcomers—especially professionals, families, and permanent residents—the dream of buying a first home in Canada can feel impossible.

But here’s the truth many banks won’t openly tell you: new immigrants CAN qualify for mortgages, even with no Canadian credit history.

In this guide, I break down:
✔ newcomer mortgage programs,
✔ down payment requirements,
✔ lenders that accept “no credit history,”
✔ first-time home buyer benefits,
✔ and actionable immigrant mortgage advice based on what I have seen Nigerian clients experience.

Let’s begin.

Can New Nigerian Immigrants Get a Mortgage in Canada With No Credit History?

Keyword: mortgage for new immigrants Canada no credit history

YES.
Canada has a specific lending category called the “New to Canada Mortgage Program.”

These programs allow immigrants to buy a home using:

Foreign credit history (including Nigeria)
International banking records
Proof of savings in a Nigerian or foreign bank
Employment letter & pay stubs
Proof of PR status, work permit, or skilled job offer

Newcomers do NOT need:

❌ 2 years Canadian credit history
❌ A full CRA tax return
❌ A long employment record

That’s why these programs exist.

Lenders Offering Newcomer Mortgages in Toronto & Vancouver

Here are the top banks and lenders that approve newcomers from Nigeria:

RBC – Royal Bank of Canada

One of the most newcomer-friendly banks.

They accept:

No credit history
Foreign credit report (Nigeria, UK, UAE, etc.)
New PRs and work permit holders

👉 https://www.rbcroyalbank.com/mortgages/newcomer.html

Scotiabank StartRight® Mortgage

Designed specifically for immigrants.

Accepts:

Work permit holders
Foreign credit history
International incomer buyers

👉 https://www.scotiabank.com/ca/en/personal/new-to-canada/start-right.html

CIBC Newcomer Mortgage Program

CIBC approves even if you:

Have a short work history
Have foreign assets
Are a first-time home buyer

👉 https://www.cibc.com/newcomers

TD Canada Trust – New to Canada Program

Solid option for Nigerian families moving to Toronto or Vancouver.

Accepts:

Foreign income documentation
New PR or work permit
Limited credit footprint

👉 https://www.td.com/ca/en/personal-banking/new-to-canada

BMO – New to Canada Mortgage

Ideal for newcomers with stable income but no credit.

👉 https://www.bmo.com/main/personal/mortgages/new-to-canada/

HSBC Canada

Known for valuing international banking relationships.

Advantage: If you banked with HSBC in Nigeria, UK, or Dubai, it helps.

Credit Unions (Vancity, Coast Capital, Meridian)

These institutions often approve mortgages for immigrants who banks reject due to:

Non-Canadian credit
Contract jobs
Lower income history

Down Payment Requirements for New Nigerian Immigrants

Canadian mortgage rules are strict—especially in Toronto and Vancouver.

For Homes Under $500,000

Minimum down payment: 5%

For Homes Between $500,000 – $999,999

First $500k → 5%
Amount above $500k → 10%

Homes Over $1 Million

Minimum down payment: 20%
(Newcomers cannot use insured mortgages for $1M+ homes)

Example (Toronto Condo $700,000):

5% of first $500k = $25,000
10% of remaining $200k = $20,000
Total minimum = $45,000

Required Documents for Nigerian Applicants

Newcomers must provide the following:

Proof of Status

Permanent Resident card
Work permit
SIN (Social Insurance Number)

Employment Proof

Job offer letter
Pay stubs (last 3 months)
Employment contract

Proof of Funds

Nigerian bank statements (6 months)
Proof of savings/investments
Gift letter (if family assisting)

Alternative Credit

If you have NO credit history, lenders may accept:

Rent payment history
Utility bills
Internet/phone bills
Nigerian credit card statements

First-Time Home Buyer Program for Newcomers Canada (Major Incentives)

Keyword: first-time home buyer program for newcomers Canada

There are major benefits for immigrants buying their first home:

1. First-Time Home Buyer Incentive (FTHBI)

This program helps lower monthly mortgage payments by giving you 5%–10% of your home price as shared equity.

👉 https://www.placetocallhome.ca/fthbi

2. First-Time Home Buyers’ Tax Credit (HBTC)

Receive $10,000 non-refundable tax credit.

3. GST/HST New Housing Rebate

Refunds a portion of sales tax on new-build homes.

4. RRSP Home Buyers’ Plan (HBP)

Borrow up to $60,000 tax-free from your retirement savings to buy your first home.

Toronto vs Vancouver: Which City Is Easier for Nigerian Buyers?

Factor	Toronto	Vancouver
Home Prices	High	Extremely high
Condo Availability	Higher	Lower
New Immigrant Mortgages	More programs	Moderate
Nigerian Community Size	Very large	Large
Rent-to-own options	Good	Fair
Job Market	Strong	Medium-strong

Result:
Toronto is generally easier for Nigerian newcomers to qualify due to more lenders and slightly more affordable housing.

How Much Mortgage Can a New Nigerian Immigrant Get?

Banks use your Gross Debt Service (GDS) & Total Debt Service (TDS) ratios.

Typical Approval Range:

$350,000 – $750,000 for individuals
$500,000 – $1.2M for families (dual income)

Immigrant Mortgage Advice (Expert Tips)

Keyword: immigrant mortgage advice

Here are the most important success steps for newcomers:

1. Build Canadian Credit Immediately

Open secured credit card (Capital One, RBC, Scotiabank)
Spend small amounts
Pay back monthly

After 6 months, your score becomes mortgage-ready.

2. Avoid car loans early

Car payments reduce your mortgage approval amount significantly.

3. Get pre-approval before house-search

Gives you negotiating power.

4. Use a mortgage broker that works with newcomers

They know which lenders accept Nigerian banking history.

5. Keep down payment in your account for 90 days

Lenders require a “90-day history” to prevent fraud.

6. Use gift letters if family assists

Canada allows family gifts as down payment.

7. Stay away from predatory private lenders

They charge extreme interest (8%–14%).

Common Mistakes Nigerian Newcomers Make

Thinking they need 2 years of Canadian work history
Keeping down payment only in Nigeria (move it early)
Not documenting bank transfers
Applying without a PR or strong work permit
Using multiple brokers at once (reduces credit score)
Not understanding Canadian taxes

FAQs

Q1: Can I buy a house in Canada as a Nigerian newcomer with no credit history?

Yes. Newcomer mortgage programs allow it through foreign credit and alternative documents.

Q2: What is the minimum down payment for newcomers?

5% for homes under $500k; 20% for homes above $1M.

Q3: How long must I work in Canada before applying?

Some lenders accept 0–3 months of employment with a valid offer letter.

Q4: Can I qualify with foreign income?

Yes—certain banks accept income earned abroad, especially HSBC and Scotiabank.

Q5: Are Nigerian bank statements accepted?

Yes, as long as they are clear, official, and consistent.

Conclusion: Nigerian Immigrants CAN Buy Homes in Toronto & Vancouver

Even with no credit history, Nigerian newcomers can successfully obtain mortgages with the right:
✔ lender,
✔ documentation,
✔ credit-building strategy,
✔ and first-time home buyer benefits.

Toronto and Vancouver are competitive markets, but immigrant-focused mortgage programs make home ownership possible—even within your first 1–3 years in Canada.

With proper planning, Nigerian families can move from renting to owning faster than expected.